2019-248-E Housing - Kennon Craver legal services for 509 Central Ave

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DocuSign Envelope ID:25564DEE-41EF-45E7-80D8-212E6649AB56 (1) Late Listing Penalties:All property tax late listing penalties,if any,shall be paid by Seller. (m) Negotiated Repairs/Improvements: Negotiated repairs/improvements shall be made in a good and workmanlike manner and Buyer shall have the right to verify same prior to Settlement. (n) Seller's Failure to Comply or Breach: If Seller fails to materially comply with any of Seller's obligations under this Paragraph 8 or Seller materially breaches this Contract,and Buyer elects to terminate this Contract as a result of such failure or breach,then the Earnest Money Deposit and the Due Diligence Fee shall be refunded to Buyer and Seller shall reimburse to Buyer the reasonable costs actually incurred by Buyer in connection with Buyer's Due Diligence without affecting any other remedies. If legal proceedings are brought by Buyer against Seller to recover the Earnest Money Deposit,the Due Diligence Fee and/or the reasonable costs actually incurred by Buyer in connection with Buyer's Due Diligence,the prevailing party in the proceeding shall be entitled to recover from the non-prevailing party reasonable attorney fees and court costs incurred in connection with the proceeding. 9. PRORATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated through the date of Settlement and either adjusted between the parties or paid at Settlement: (a) Taxes on Real Property: Ad valorem taxes and recurring governmental service fees levied with such taxes on real property shall be prorated on a calendar year basis; (b) Taxes on Personal Property: Ad valorem taxes on personal property for the entire year shall be paid by Seller unless the personal property is conveyed to Buyer,in which case,the personal property taxes shall be prorated on a calendar year basis; (c) Rents:Rents,if any,for the Property; (d) Dues: Owners'association regular assessments(dues)and other like charges. 10. HOME WARRANTY: Select one of the following: X❑ No home warranty is to be provided by Seller. ❑ Buyer may obtain a one-year home warranty at a cost not to exceed$ which includes sales tax and Seller agrees to pay for it at Settlement. ❑ Seller has obtained and will provide a one-year home warranty from at a cost of$ which includes sales tax and will pay for it at Settlement. NOTE: Home warranties typically have limitations on and conditions to coverage. Refer specific questions to the home warranty company. 11. CONDITION OF PROPERTY AT CLOSING: Buyer's obligation to complete the transaction contemplated by this Contract shall be contingent upon the Property being in substantially the same or better condition at Closing as on the date of this offer,reasonable wear and tear excepted. 12. RISK OF LOSS: The risk of loss or damage by fire or other casualty prior to Closing shall be upon Seller. If the improvements on the Property are destroyed or materially damaged prior to Closing, Buyer may terminate this Contract by written notice delivered to Seller or Seller's agent and the Earnest Money Deposit and any Due Diligence Fee shall be refunded to Buyer. In the event Buyer does NOT elect to terminate this Contract, Buyer shall be entitled to receive, in addition to the Property, any of Seller's insurance proceeds payable on account of the damage or destruction applicable to the Property being purchased. Seller is advised not to cancel existing insurance on the Property until after confirming recordation of the deed. 13. DELAY IN SETTLEMENT/CLOSING: Absent agreement to the contrary in this Contract or any subsequent modification thereto, if a party is unable to complete Settlement by the Settlement Date but intends to complete the transaction and is acting in good faith and with reasonable diligence to proceed to Settlement ("Delaying Party"), and if the other party is ready, willing and able to complete Settlement on the Settlement Date("Non-Delaying Party")then the Delaying Party shall give as much notice as possible to the Non-Delaying Party and closing attorney and shall be entitled to a delay in Settlement. If the parties fail to complete Settlement and Closing within fourteen(14)days of the Settlement Date(including any amended Settlement Date agreed to in writing by the parties) or to otherwise extend the Settlement Date by written agreement, then the Delaying Party shall be in breach and the Non-Delaying Party may terminate this Contract and shall be entitled to enforce any remedies available to such party under this Contract for the breach. 14. POSSESSION: Possession, including all means of access to the Property (keys, codes including security codes, garage door openers,electronic devices,etc.),shall be delivered upon Closing as defined in Paragraph 1(m)unless otherwise provided below: ❑ A Buyer Possession Before Closing Agreement is attached(Standard Form 2A7-T) ❑ A Seller Possession After Closing Agreement is attached(Standard Form 2A8-T) ❑ Possession is subject to rights of tenant(s) NOTE: Consider attaching Additional Provisions Addendum (Form 2A11-T) or Vacation Rental Addendum (Form 2A13-T) °5 Page 9 of 13 f4 STANDARD FORM 2-T Buyer initials Seller initials Revised 7/2018©7/2018 Produced with zipForm(D by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zii)Looix.com 509 Central